The cost with purchase a property;

Purchase costs

This is a tax you have to pay when buying a property - at the moment this amounts to 9% to 10% of the purchase price - and this must be paid at the notary, if the transaction has taken place. If the buyer not need a mortgage, these costs are lower (+/- 7%).

PLUSVALIA = VALUE

This tax is paid only when performing the sales transaction, and the law clearly indicates that this must be paid by the seller of the property.

IBI = MUNICIPAL TAX

This is a tax levied by the municipality and must be paid once a year. The amount is determined (appraised value) by the municipality.

In principle:

- If no mortgage needed, this amount would be about 7% (cost of purchase, Notary, taxes and registrations)

- If you do need a mortgage with this purchase, this is about 9% to 10% (cost of purchase, mortgage, Notary, taxes and registrations)

Keep in mind that most Spanish banks to non-residents of Spain, up to 65 to 70% of the appraised value to be able to provide mortgage.

Costs for a Spanish mortgage:

- 1% Aflsuitprovisie.

- Notary fees for preparing the mortgage.

- Fees for the registration of the mortgage.

- Administration fees for the processing of all documents.

- Registration tax for the registration of the mortgage.

This information is for guidance only and is not a substitute for proper legal advice!